Several Regulations in NCUA Annual Regulatory Rule Review Impact FISCUs

May 9, 2011 —The National Credit Union Administration (NCUA) maintains a rolling review schedule that identifies one-third of NCUA’s existing regulations for review each year and provides notice to the public for comment.  You can find NCUA’s request for public comment about the rule review here.

While the NCUA Regulatory Review identifies one third of NCUA rules for comment each year, NCUA may ultimately decide against making any changes to a rule, furthermore, NCUA’s rulemaking during the year is not restricted to the rules identified in the annual review. Of these rules, Parts 748, 749 and 760 apply to state-chartered federally insured credit unions. 

The 2011 Regulatory Review includes the following rules:

748 Security Program, Report of Suspected Crimes, Suspicious
Transactions, Catastrophic Acts, and Bank Secrecy Act
749 Records Preservation Program and Appendices-Record Retention
Guidelines; Catastrophic Act Preparedness Guidelines
760 Loans in Areas Having Special Flood Hazards
790 Description of NCUA; Request for Agency Action
791 Rules of NCUA Board Procedure; Promulgation of NCUA Rules
and Regulations; Public Observation of NCUA Board Meetings
792 Requests for Information Under the Freedom of Information Act and
Privacy Act; and by Subpoena; Security Procedures for Classified
793 Tort Claims Against the Government
794 Enforcement of Nondiscrimination on the Basis of Handicap in
Federally Conducted Programs
796 Post-Employment Restrictions for, Rules of Practice
and Procedure, and Investigations

Comments on the rules and recommended changes are due to NCUA by August 5, 2011.  If you have any suggestions for NASCUS’ comments, please email by July 8, 2011.